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    Friday, November 22, 2013

    ICAN Wants Stiff Sanctions Against Market Infractions


    The Lagos Mainland and District Society of the Institute of Chartered Accountants of Nigeria has urged the Nigerian Stock Exchange to impose tough sanctions on market operators, who violate regulatory guidelines.
    The Chairman, LMDS, Mr. Yahaya Omini, made the call in Lagos during a visit to the Exchange.
    Omini, who commended the NSE for the reforms it implemented over the years to boost corporate governance, also urged it “to continue to work hard for the Nigerian Stock Exchange to bring back the full confidence of Nigerian and foreign investors into the market for economic development of Nigeria.”

    He explained that this was vital because the capital market was a market for long-term investment for many – the government, corporate and individual investors.

    Despite calling on the NSE to tighten its regulation of market operators, Omini praised the NSE for the contribution it had made to the nation’s economy so far.

    He said, “The Nigerian Stock Exchange has played its role in the development of the Nigeria Economy. It has made small and big investors to be aware of the benefit of the capital market by allowing various companies to come to the floor through bonds, Initial Public Offering, Rights Issue and security trading.”

    The NSE and the Securities and Exchange Commission had made several efforts in recent times to increase the depth of the capital market via more listings and to achieve a market capitalisation of $1tn.

    The LMDS boss, who acknowledged this, advised the NSE management not to give up on the goal.

    He said, “I ask the management to keep it up and continue to be proactive in other to remain the best stock exchange in Africa.”

    Omini also highlighted the importance of chartered accountants to the growth of the capital market, pledging that his group would continue to work with the Exchange to ensure greater transparency and hitch-free financial processes.

    He said, “Qualified chartered accountants, who have gone through the grill of very stiff examination of ICAN in Nigeria, had been trained to perform a tremendous role in the enhancement of transparency in a corporate structure over the years.”

    He added that it was not an overstatement that the work of chartered accountants was mostly and highly needed.

    This, he explained, was because “the financial history of a company for the past and future must be made available to the public and it is the accountants that help to prepare and scrutinise the financial statements of companies so that the public investor can be assured that he/she is buying a good investment.”
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